Using a broker, dealer or selling your boat privately

What are the benefits to using a broker for your boat sale?

By Carol Cronin

January 1, 2015

When the time comes to sell a boat, many choose to handle the sale themselves. Before going this route, make sure you are properly educated about the process and you have considered the other options available.

Boats for sale by owner

For Sale By Owner has increased in popularity over the years. Here are some pros and cons to handling your own sale:

Pros

More money in your own pocket (no commission or fees)

Quick turnaround with fewer people involved

You maintain control of the process

No one knows your boat as well as you do

With proper planning and the help of this guide, it can be easy and satisfying

Cons

The process of selling a boat can be time consuming

You must educate yourself about the boat market

You will need to complete all the sales paperwork

You will need to learn the processes, such as sea-trials and surveys

If you want help selling your boat, here is some information about your alternatives.

Boat brokers

From listing the first ad to closing the sale, a professional broker earns a commission in exchange for handling the details. The right broker may be able to get you a better price, especially if he or she specialises in your type of boat. And your time and aggravation will certainly be reduced, since viewings, sea trials, and communication with other professionals (like surveyors) will all be handled by the broker. Commissions may be as much as 10 percent; this can vary depending on your boat and your location.

Small boats are rarely sold by brokers, since they produce too little income for the amount of time required to make the sale. Large boats often involve complex negotiations (documentation, etc.) that are simplified by yacht brokers.

Boat dealers

Your local boat dealer may also be willing to help you sell your used boat. If the dealer’s location is more visible than your own yard, ask what it would cost to store your boat on the property with a prominent for-sale sign. Also ask if it’s possible to include your boat in the dealer’s advertising; you may be able to get a more visible (or more cost-effective) ad listing than you could get on your own. While not necessarily making money on the actual sale, a dealer will be trying to build a relationship with you, increasing the opportunity that you buy your next boat from the dealer who sold last boat.

Make your decisionWhether dealing with brokers or dealers, make sure your arrangement is clear from the beginning and agreed in a written contract. A signed contract can reduce the chances of a misunderstanding.